The Open Network has received more investments from Bitget and Foresight Ventures to secure $30 million to develop its Mini App ecosystem.
Telegram-developed decentralized blockchain network TON has received its latest cash injection from Bitget and Foresight Ventures, amounting to a whopping $30 million. The two firms had invested $20 million in TON earlier this year.
This round of investment comes when Telegram-based Mini Apps operating on the TON blockchain are booming and witnessing more adoption than ever. Thus, the $30 million poured into the network will find its way into the Mini App ecosystem, specifically play-to-earn (P2E) games like Notcoin and Hamster Kombat.
Bitget and Foresight Look to Amplify Their Governance Rights in TON
As this is not the only time Bitget and Foresight Ventures have invested in the network, their continued interest depicts the companies wanting to increase their governance rights in the TON ecosystem. Their stakes are matched by an equivalent value of TON coins, the blockchain’s native token, which also represents the governance weightage they have in the ecosystem.
Gracy Chen, Bitget CEO, said about the funding, “As Bitget continues to BUIDL around The Open Network, our partnership with the TON blockchain provides a solid foundation for driving initiatives that align with our vision.” She added, “By integrating our expertise in crypto infrastructure with TON’s decentralized architecture, we are well-positioned to strengthen the development of innovative products and solutions.”
Telegram’s Mini Apps have proven tremendously beneficial for the growth of the TON blockchain since their launch in 2023. TON-based projects now boast over $400 million total value locked (TVL). That shows over 2,700% rise in TVL since the beginning of 2024. About this massive growth, Foresight Ventures’ CEO Forest Bai mentioned, “The ecosystem currently boasts over 1,000 DApps, with many applications having millions of users.”
